Business Glossary-Term List

A deed given by a borrower/mortgagor to a lender/mortgagee to satisfy a debt and avoid foreclosure.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A letter sent to the borrower indicating that a breach or nonperformance of the terms of a note, the covenants of a mortgage or the terms of other loan documents has occurred. This letter also advises the borrower of the rights of the lender under the note/mortgage and requires that the default be cured.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A provision in a mortgage which allows the debtor to reclaim property that has been foreclosed, if certain conditions are met.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

An encumbrance on a title that is made a part of the public record. Some recorded defects are judgments, mortgages, other liens or easements.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A court order to pay the balance owed on a loan if the proceeds from the sale of the security are insufficient to pay off the loan.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

Correspondence sent to the borrower indicating that unless the loan is made current within a certain time frame, the lender can, by virtue of a default, declare the entire principal balance outstanding as well as all interest due under the note to be due and payable.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

Coverage extended to cover the cost of demolishing property damaged by an insured peril. Policies may be extended to cover the cost of demolishing undamaged property made necessary by a bylaw, court order, etc.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A form used to acknowledge the acceptance of the earnest money that binds an offer to purchase real property.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

The rights a landholder sells to improve a property or enhance the use of said property.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

An electronic file that contains the Public Key, the name of the certificate holder (which may be either a person or a system name), and a date range during which the certificate can be considered valid as well as the Digital Signature of a Certificate Authority for Authentication, which provides assurance that the Public Key belongs to the entity to which the certificate was issued. A Digital Certificate may also be referred to as a Public Key Certificate.

Term Source: MISMO eMortgage

Term Type: Document

Focus Area: #eMortgage, #MBAGlossary

Insurance that protects both a corporation and its key employees. The standard D & O policy usually includes corporate reimbursement, which covers expenses insured by the directors and officers for legal costs and judgments indemnified by the corporation, and personal coverage, which protects individual officers and directors against claims not indemnified.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A mark "stamped" onto a deed certifying the amount of transfer tax paid.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A clause in a mortgage stating that if the mortgagor sells, transfers or in any way encumbers the property, then the mortgagee has the right to implement an acceleration clause making the balance of the obligation due.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A right to the limited use or enjoyment of land held by another, including, for example, an interest in land to enable sewer or other utility lines to be laid, or to allow access to a property.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A term that represents the entire contents of e-documents produced with an electronic mortgage transaction. The eBinder can be opened only by authorized parties and is separated into eFolders to organize the eDocs.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A document that is created, accessed, presented, and/or signed electronically. An eDoc may be a paper document that is converted to an electronic form.

Term Source: MISMO eMortgage

Term Type: Document

Focus Area: #eMortgage, #MBAGlossary

A contract or other record created, generated, accessed, sent, communicated, received, or stored by electronic means.

Term Source: MISMO eMortgage

Term Type: Document

Focus Area: #eMortgage, #MBAGlossary

A signature on a negotiable instrument by which title to property mentioned therein is assigned and transferred. Also, a notation added to an instrument after execution to change or clarify its contents. In insurance, coverage may be restricted or enlarged by endorsing a policy. In FHA loans, a notation placed on the note by the FHA indicating that the loan is insured under the National Housing Act.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A report rendered by an engineer stating the physical condition of property that has been inspected, with a summation or recommendation thereof.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

See Transferable Record. This term is also defined in the MERS eRegistry Procedures Manual available at members.mersinc.org.

Term Source: MISMO eMortgage

Term Type: Document

Focus Area: #eMortgage, #MBAGlossary